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What’s in Store with the New Qualified Mortgage Rule?

The beginning of 2014 may prove to be interesting when applying for a single family home mortgage. Starting January 10th, the “Qualified Mortgage Rule” goes into effect for loans insured, guaranteed or administered by HUD or the Federal Housing Administration. HUD’s new rule, which is similar to the rule issued by the Consumer Financial Protection […]

FHA Loan Cap Rates Lower for the Outer Banks in 2014

What goes up, must come down. Who thought this would apply to FHA loan caps? Beginning right at the stroke of mid-night of 2014, the current FHA loan cap of $729,750 will be reduced to $625,500 in high-cost areas. FHA will keep its current loan limits in place in areas where housing costs are lower […]